Sensex, Nifty rally for second session; ONGC oil price hike

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Sensex rallies for second session;  ONGC oil price hike

The Sensex rose 480 points in the second consecutive session of the Indian stock market on Tuesday and the Nifty 50 index moved above its key psychological level of 17,800 on buying interest. In the first half of the session, the definitions between gains and losses fluctuated due to weak global references. However, late buys in index heavyweights such as Reliance Industries, Infosys, Tata Consultancy Services, Bharti Airtel and HDFC Bank lifted the codes.

The Sensex was up 446 points at 59,745 and the Nifty 50 was up 131 points at 17,822.

Analysts said strong earnings in the September quarter boosted investor sentiment with the launch of IT company TCS and the Reserve Bank’s continued monetary policy.

“If the Nifty is able to remain above 17800, it could see 18,000 highs. Faster indicators such as the Relative Strength Index (RSI) and the Moving Average Integrity Difference (MACD) are likely to continue at a positive pace,” said Ashis Biswas. Capitolvia is head of global research technology research.

Nine of the 15 sectoral benchmarks compiled by the National Stock Exchange rose by 2.8 per cent on the Nifty Oil & Gas Index. Shares of IT, media, private banking, healthcare and auto also saw buying interest.

On the other hand, FMCG, Pharma, PSU Bank and Realty indices closed lower.

The Nifty Midcap 100 and Nifty Small Cap 100 indices rose 0.4 percent as medium and small cap stocks saw buying interest.

Shares of Bharti Airtel and Vodafone Idea rose 3.26 per cent and 7 per cent, respectively, following the government’s announcement of a one-time spectrum tariff (OTSC) of Rs 40,000 crore imposed on telecom companies. The Department of Telecommunications (DoT) has asked for three weeks to reconsider its decision to impose a fine on telecom companies Airtel and Vodafone Idea for delaying the payment of a one-time spectrum fee.

ONGC Nifty was the top gainer in the international market after a multi-year high of crude oil prices, with the stock rising 11 per cent to a 52-week high of Rs 164.

IndusInd Bank, Coal India, Indian Oil, SBI Life, Bharti Airtel, HCL Technologies. Reliance Industries, Titan, Bharat Petroleum and Asian Paints rose 1.7-5 per cent.

On the upside, Cipla, Hindalco, Shree Cements, Sun Pharma, Tata Consumer Goods, Power Grid, Grossim Industries, ITC, Ultratech Cement and Tata Steel lost ground.

Overall market width was positive, with 2,074 stocks higher and 1,209 lower on the BSE.

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